Meeting disaster recovery and business continuity requirements has long been a major concern; a goal that is even more difficult to achieve today because customer expectations regarding uptime and data recovery include very little tolerance. The tools available for data protection must consequently evolve in multiple dimensions to keep pace with:
- Comprehensive data protection
- Reliable recovery from ransomware
- Scalability, performance and flexibility
- Increasing cloud adoption
SMBs at the center of cyber attacks
Despite common thinking, SMBs are just as attractive targets as large companies when it comes to cyberattacks. It is indeed a mistake to think that they are not, as it is estimated that 85% of ransomware attacks are targeted at them, resulting in severe consequences. Many of the victims do not have an incident response plan, and those who do often find that it is inadequate or insufficiently tested. It is worth noting that as many as 75% of backup administrators believe that a review of their system is necessary. Cybercriminals are well aware that small and medium-sized enterprises have limited financial and IT resources, and they exploit this vulnerability to extort money while also threatening to disclose sensitive company information. The consequences of these situations are manifold:
Financial Implications
In addition to the direct cost of paying the ransom, SMEs must incur significant recovery expenses, which include loss of revenue, hiring cybersecurity specialists to identify and remove the ransomware, and costs associated with enhancing security measures. All of this comes without any guarantee of recovering the encrypted data, with an average of over 45% of data remaining unrecoverable.
Reputational damage: Following a ransomware attack, the trust of customers and suppliers is quickly compromised, as a justified suspicion arises that the company has not implemented adequate data protection measures, leading customers to feel vulnerable and seek alternative providers.
Legal and regulatory consequences: Depending on the jurisdiction and the severity of the breach, companies may face significant penalties from regulatory authorities, which can include fines for non-compliance or for failing to provide adequate data protection, as well as individual or class-action lawsuits and regulatory investigations. Moreover, the obligation to report breaches and notify potentially affected parties further exacerbates the negative impact on the brand’s reputation.
The Role of the Managed Service Providers
As the complexity of modern infrastructures increases, small and medium-sized businesses struggle to effectively monitor the numerous cybersecurity threats, especially when they have a limited IT department. It is therefore essential for them to rely on local Managed Service Providers, who, through tailored consulting, specialized expertise, maintenance, and support, play a strategic role for the business. The Managed Data Protection service, offered through a fixed monthly fee, aims to provide comprehensive and professional management of backup and disaster recovery infrastructure to ensure security, protection, and data restoration in the event of cyberattacks, human errors, and natural disasters. Want to learn more about the Ransomware Trends 2024 report conducted by Veeam? Download the official report now.
